Canopy Growth Signs Deal Worth $435 Million To Buy Supreme Cannabis

Article by Times Colonist

Canopy Growth signs deal worth $435 million to buy Supreme Cannabis Staff work in a marijuana grow room at Canopy Growth's Tweed facility in Smiths Falls, Ont. on Thursday, Aug. 23, 2018. Sean Kilpatrick TORONTO — Canopy Growth Corp. has signed a deal to buy the Supreme Cannabis Company Inc. in an agreement valued at $435 million.

Canopy Growth Corp. has signed a deal to buy the Supreme Cannabis Company Inc. in an agreement valued at $435 million.

The acquisition adds Supreme Cannabis’s premium brands, 7Acres and 7Acres Craft Collective, as well as others to Canopy’s roster of offerings.

The deal is the latest move by Canopy to grow by acquisition as the cannabis sector has seen a wave of consolidation. Canopy announced last week it had bought Ace Valley, a Toronto company that makes vapes, gummies and pre-rolls.

Supreme Cannabis shareholders will receive 0.01165872 of a Canopy common share and 0.01 of a cent in cash for each Supreme Cannabis share held.

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